koinmilyoner
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Bullish
Can the Resurgence of SOL generate a larger Rally?
A crypto analyst going under the name Cryptollica posted an interesting study on the Solana price in an April 18 X post. The chart the online pundit noted shows that SOL's price recently recovered from a crucial support level, which might inspire a movement to about $2,000.
The Solana price seems to be staying in an upward channel on the one-hour interval as shown on the chart. Two main (upward-sloping) trendlines define an ascending channel, a technical analysis pattern: the upper line joining the swing highs and the lower line linking the swing lows.
Usually following the ascending channel, the price of the token stays there; the lower boundary line acts as a support zone and the higher trendline acts as resistance. Investors may establish a position after a breakout, thus signaling trend continuance, or trade as prices swing between the support and resistance levels of the pattern or breakdown, so indicating trend reversals.
The Solana price has moved in and out of an ascending channel from mid-2020 until breaking out during the bull run in 2021, per the highlighted chart. But SOL's price came back inside the channel once the FTX exchange collapsed in November 2022.
Since 2022, the Solana price has stayed inside this band, often finding cushion around the lower boundary line several times. Following the price of the cryptocurrency dropped towards the $100 mark, March saw the most recent bounce-back from this trendline.
Should this degree of support remain strong, Solana's price may go to as high as $2,000 by mid-2026. It is also noteworthy, however, that the SOL token would have to pass past a critical resistance zone about at $295. Conversely, should the cryptocurrency violate and close under the lower trendline, it may drop as low as $20.
#TrumpVsPowell #SolanaSurge #CanadaSOLETFLaunch #Solana $SOL
A crypto analyst going under the name Cryptollica posted an interesting study on the Solana price in an April 18 X post. The chart the online pundit noted shows that SOL's price recently recovered from a crucial support level, which might inspire a movement to about $2,000.
The Solana price seems to be staying in an upward channel on the one-hour interval as shown on the chart. Two main (upward-sloping) trendlines define an ascending channel, a technical analysis pattern: the upper line joining the swing highs and the lower line linking the swing lows.
Usually following the ascending channel, the price of the token stays there; the lower boundary line acts as a support zone and the higher trendline acts as resistance. Investors may establish a position after a breakout, thus signaling trend continuance, or trade as prices swing between the support and resistance levels of the pattern or breakdown, so indicating trend reversals.
The Solana price has moved in and out of an ascending channel from mid-2020 until breaking out during the bull run in 2021, per the highlighted chart. But SOL's price came back inside the channel once the FTX exchange collapsed in November 2022.
Since 2022, the Solana price has stayed inside this band, often finding cushion around the lower boundary line several times. Following the price of the cryptocurrency dropped towards the $100 mark, March saw the most recent bounce-back from this trendline.
Should this degree of support remain strong, Solana's price may go to as high as $2,000 by mid-2026. It is also noteworthy, however, that the SOL token would have to pass past a critical resistance zone about at $295. Conversely, should the cryptocurrency violate and close under the lower trendline, it may drop as low as $20.
#TrumpVsPowell #SolanaSurge #CanadaSOLETFLaunch #Solana $SOL
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
SOL
147.44
-1.15%